6:38 am, February 13, 2025
Labour’s growth slogans must be backed by action, warns CBI
British business is calling on the government to help get the ‘flywheel of the economy turning’ with concrete strategies and policies as official output figures are expected to show a difficult end to 2024.
Rupert Soames, chairman of the CBI business group, will say on Thursday that the government’s growth ambitions must be matched with action and that business confidence must be restored to spur on investment needed to support expansion.
Figures for gross domestic product (GDP) from the Office for National Statistics on Thursday morning are set to reveal a downbeat final quarter for the economy.
Historic department store firm Beales to close last remaining shop
One of Britain’s oldest department stores is shutting its last remaining shop after more than 140 years, blaming Budget tax and wage increases.
Beales, which first opened in Bournemouth in 1881, said trading at its branch in Poole’s Dolphin Centre will cease at the end of May.
Retail industry bosses said the closure of the historic store ‘illustrates the devastating impact’ of the rise in national insurance contributions and the higher minimum wage, which will come into force in April.
Mini increases its customisation options for model line-up
Mini has increased its range of options for its model line-up to help boost their appeal.
The Cooper, Convertible and Countryman will be available with a choice of nine exterior paint finishes including Smokey grey, British Racing green and Chili red. The Convertible now comes with a Union Jack design for its fabric roof.
All Countrymans now come with the choice of an electrically operated towbar, while Mini’s digital key will be updated too, allowing those who share their car with friends and family to add up to 18 keys for each vehicle. The updates will be available from March 1.
The markets
The FTSE 100 reached a record high at the close of trading for a third consecutive day on Wednesday. It gained 30 points to finish the day at 8,807, or a 0.3% rise.
France’s Cac 40 rose 0.2%, and in Frankfurt the Dax increased 0.5; the S&P 500 was 0.4% in the red while the Dow Jones had fallen 0.6% as UK markets were closing.
Sterling was down 0.1% against the dollar at 1.2433, while it was 0.3% behind against the euro at 1.1976.
British builders will start work on new towns before next election – Starmer
Work on a host of new towns will begin across the country before the next election – with British workers leading construction, Sir Keir Starmer has said.
More than 100 potential locations have been suggested for new towns in England, the prime minister revealed as he promised ‘the largest housebuilding programme since the post-war era’.
Each new town will have the potential for 10,000 or more homes, contributing towards the 1.5 million which the government has pledged to build.
UK vows ‘steadfast’ support for Ukraine amid reports of Trump-Putin talks
The UK will continue to support Ukraine’s defence against Russia, the deputy prime minister signalled after Donald Trump claimed he and Vladimir Putin had agreed to start negotiations on ending the war.
Britain’s support for Ukraine remains ‘steadfast’, Angela Rayner said amid the US president’s moves to draw the conflict to an end.
Trump said he had agreed with Russia’s leader to ‘work together, very closely’ on bringing the three-year conflict to an end in a phone conversation on Wednesday.
Wednesday on Car Dealer
Exclusive data to help dealers make the most of 2025 to be revealed at Car Dealer Live
Auto Trader will share exclusive industry insights at Car Dealer Live on March 13 at the British Motor Museum. COO Catherine Faiers will present 2025 market predictions, focusing on EV supply, AI, and Chinese brands. The event features key industry speakers and networking. Click the headline for tickets and further information.
Close Brothers to set aside £165m to deal with ongoing car finance investigation
Close Brothers will set aside £165m for potential costs linked to the motor finance mis-selling scandal. The lender, facing regulatory scrutiny, may need further provisions. It plans to appeal a court ruling on hidden commissions while strengthening its capital reserves.
Industry leaders demand VAT cut on public EV charging as lobby group writes to Treasury
EV lobby group FairCharge has urged the Treasury to cut VAT on public charging from 20% to 5%, arguing it would boost consumer confidence and EV adoption. Industry leaders, including Stellantis and Polestar, back the call, urging government action.
More than 600 BMW workers set to walk out on strike amid increasingly bitter pay dispute
Over 600 BMW workers at the Hams Hall engine plant will strike in February, March, and April over a pay dispute. Unite accuses BMW of unfair treatment, while BMW insists its offer is fair. Contingency measures will be implemented to minimise disruption.
Financial Ombudsman Service using AI to help wade through 60,000 motor finance complaints
The Financial Ombudsman Service is using AI to process over 60,000 motor finance commission complaints. AI aids document analysis but doesn’t decide cases. The FOS is preparing for a potential PPI-scale scandal while undergoing leadership changes amid ongoing Treasury Committee scrutiny.
Weather
The UK will be mostly dry and cloudy today, with occasional bright spells, especially in western Scotland and Wales, reports BBC Weather. Another chilly day with temperatures between four and six degrees.
Tonight, cloud cover persists, with rain arriving in Northern Ireland, Wales, and southwest England during the early hours as thicker clouds move in.
